Central Fund (No. 1) Act, 1923

Power of Minister for Finance to borrow.

3.—(1) The Minister for Finance may borrow from any person and the Bank of Ireland may advance to the Minister for Finance, on the credit of the said sums any sum or sums not exceeding in the whole Fourteen Million Seven Hundred and Ninety-two Thousand and Eighty-eight Pounds and for the purpose of such borrowing the Minister for Finance may create and issue any securities bearing such rate of interest, and subject to such conditions as to repayment, redemption or otherwise as he thinks fit.

(2) The principal and interest of any securities issued under this Act and the expenses incurred in connection with the issue of such securities shall be charged on the Central Fund or the growing produce thereof.

(3) Any money raised by securities issued under this Act shall be placed to the credit of the account of the Exchequer, and shall form part of the Central Fund and be available in any manner in which such Fund is available.